The market value of a leasehold property in Whiston depends on how many years the lease has left to run. If it is close to or less than eighty years you should foresee difficulties on re-sale, so it is recommended to arrange for the lease to be extended ahead of purchasing. It is ideal to start the process of extending the lease is when a lease still has 82 years unexpired so that a lease extension can be concluded in advance of the 80 year threshold. Statute entitles Whiston qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a further term of 90 years. The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Whiston can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Whiston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Nathaniel owned a high value apartment in Whiston on the market with a lease of fraction over 72 years left. Nathaniel informally contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last month we were e-mailed by Mr J Hill , who acquired a ground floor flat in Whiston in July 1997. The question was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative residencies in Whiston with an extended lease were worth £191,000. The mid-range ground rent payable was £65 billed per annum. The lease concluded on 14 June 2084. Having 58 years as a residual term we calculated the premium to the landlord for the lease extension to be within £23,800 and £27,400 plus expenses.
In 2010 we were called by Mr and Mrs. J Nelson who, having acquired a basement flat in Whiston in July 2003. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparable premises in Whiston with an extended lease were valued about £250,000. The average amount of ground rent was £50 billed annually. The lease lapsed in 2095. Taking into account 69 years left we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.